The Medallion

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    Related Cos. and The Hudson Cos. are bringing the first newly constructed, permanently affordable housing project to Roosevelt Island, N.Y. The 21-story community is set to encompass 340 units.

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    The company has renamed the 341-unit property Olympus Sierra Pines. Built in 2014 by Alliance Residential, the property is part of the Woodlands master-planned community.

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    The 92-unit communities in the portfolio are located one mile away from Virginia Polytechnic Institute and State University. The owner plans to renovate both the interior and exterior of the properties.

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    The 107-unit asset is located at 1701 W. 3rd Street, in the borough’s Gravesend submarket. Morris Weintraub Associates sold the property to Parkoff Organization for $28 million.

    06 February 2019 07:23